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ABOUT THIS PROPERTY
Price reduced nearly $ 1 million from prior Listing. This is an outstanding investment opportunity in the heart of St. Thomas! +/- 10,000 sq ft building, located in a Federal Opportunity Zone, the mezzanine includes two one-bedroom apartments (2nd floor) for additional income. Adjacent to Schneider Regional Hospital and near the Virgin Islands Daily News and Foothills Professional Building, this property is perfect for medical professionals, flex space, investors, or developers. It was 0riginally a warehouse, , (with a loading bay), however transformed into state-of-the-art dialysis clinic in 2014. (Note… sale is for the real estate and building only, not the business), however will include (high tech medical R/O) water treatment lab, and generator (runs entire building). Property & Investment Overview (Summary)
Acreage: 0.39 acres
Zoning: R-5
Parking: On-site, ample parking in large, paved parking lot
Utilities: Water and electricity provided by the USVI Water and Power Authority (WAPA), on-site backup diesel generator, and on-site back up cistern Advanced Water System: Recently installed reverse osmosis system worth $97,000, ensuring the highest water quality standards
Two Apartments: This building includes two well-appointed one-bedroom apartments located on the second floor. These apartments not only provide convenient accommodation, but also generate substantial additional income, with each unit rented at $1,500 per month.
Redevelopment of Area: The Roy Schneider Regional Hospital has received a significant FEMA grant for reconstruction, which will involve tearing down and rebuilding the facility. The location of this property is positioned as a prime candidate for future rental to the hospital, potentially providing a substantial and stable income stream.
Rental Potential: Given the upcoming redevelopment of the nearby hospital, this property is ideally situated to meet the temporary space needs of medical facilities, offices, or housing for medical professionals, making it a highly attractive investment opportunity.
Federal Opportunity Zone: The property is located in a Federal Opportunity Zone, which offers long-term tax benefits to strategic and savvy investors.
The Tax Cuts and Jobs Act, passed in December 2017, established the Opportunity Zone Program which provides immediate and long-term tax advantages to US investors in Opportunity Zones. The Opportunity Zone Program was created to encourage private investment in economically distressed neighborhoods by offering investors access to new capital gains tax incentives in exchange for placing qualified investments in Opportunity Zone communities. Investors can defer capital gains taxes on earnings from many types of investments up to 2027, can reduce taxes on the capital gain invested into an Opportunity Fund by 10%, and can gain permanent exclusion from capital gains taxation on Opportunity Fund investments held for at least ten years. The USVI has fourteen designated Opportunity Zones incorporating half of St. Croix, including the cities of Christiansted and Frederiksted, and significant portions of St. Thomas, including the capital city of Charlotte Amalie and Water Island.
The USVI is also eligible for the New Markets Tax Credit, established in 2000. New Market Tax Credits provide capital to community development entities and in exchange, investors are awarded credits against their federal tax obligations. Investors can claim allotted tax credits up to a total of 30% of the project.
Building: Originally a warehouse, the building was converted into a modern dialysis clinic in 2014. It features a large open space (currently being used for dialysis patients) on the first floor that can easily be converted to suit the needs of a new owner (please see floorplans contained within this packet). Large garage and storage spaces throughout.
The building has not suffered from structural damage through (4) major hurricanes, ensuring uninterrupted operations.
Safety and Security: Currently monitored with On-site security personnel and surveillance systems
Modern Infrastructure: This building features up-to-date infrastructure, including advanced water and electrical systems, making it easily adaptable for further development.
PROPERTY FEATURES
LOCATION INFORMATION
Great location, adjacent to the Virgin Islands Daily News Building, Foothills Professional Building, and (behind) Schneider Regional Hospital.
INTERIOR FEATURES
EXTERIOR FEATURES
ADDITIONAL INFORMATION
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This Commercial Sale property is located in Thomas NEW and has been listed on Blue Sky Real Estate. This property consists of 0.39 acres and has a listing price of $2,350,000. The property has 2 bedrooms and 6 bathrooms.
